In this edition of the Insiders review, we take a look at the Polkadot (DOT) cryptocurrency. DOT is down 3% in the last 24 hours. In the last seven days, things have improved a bit. During this period, we saw the price increase by about 26%. At the time of writing, Polkadot is ranked 12th for market value.
What is the mole?
Polkadot says that the next important factor is the evolution of blockchain technology on which developers can build their own projects and cryptocurrencies. Polkadot connects various specialized blockchains to create one large network and is completely open source. In addition, Polkadot is busy developing in the Web3 sector. Polkadot plans to build an entire infrastructure within this sector.
A lot has happened for DOT in the last few months. This is how the price managed to make a jump after News that the Boerse Frankfurt Zertifikate AG (Frankfurt Stock Exchange) is a exchange traded product (ETP) of the DOT would issue. This ensured that traders in the “traditional financial market” had easier and more secure access to cryptocurrencies. Products like this are for investors who are not confident in cryptocurrencies themselves. If there is a fair that guarantees these products, the participation threshold is already much lower.
Also, yesterday on his Twitter account posted a thread discussing various proposals for certain updates. What exactly these updates entail can be read on a special page that has been created for these various referendums. An example of this is this page† POINT Headlines they can then cast a vote using the DOT they have in their wallet. One token is also equivalent to one vote. If, despite everything, they do not approve the proposal or if they believe that the proposal will have a negative result, they can of course also vote against the proposal. That’s how it is this is an example of a proposal approved by a majority of votes in favour.
What else can we expect?
Polkadot is a very big project, so they have a great team dedicated to improving the project. They have established a roadmap to map out these improvements. At the moment, the Polkadot team is hard at work on the Parachain Release Phase† So they want different ones for DOT cap-1 design of strings running parallel to Polkadot. The goal is to run around 100 different chains on Polkadot. If this phase of road map is complete, so when the parachains are up, the Polkadot network will officially launch. So, Polkadot is almost ready to be fully released. After this phase, they can focus more on developing various additional functionalities.
It is interesting to note that DOT sentiment remains positive over the last 24 hours despite the price falling today. A CoinMarketCap survey shows that 81% of respondents remain positive about Polkadot.
Also, the search volume for Polkadot on Twitter is also very high. You can see below that Polkadot has been searched for or talked about almost 500 times in the last hour.
Unfortunately, the price of DOT has dropped considerably in recent months after rising from $10 to $55. Still, this isn’t the first time DOT has slammed up and then down again. This has happened before in the past. But as we can see on the chart now, DOT has increased for the second time since then. However, we are back in the lower regions of DOT’s price history. For the past few weeks, DOT has also been forming a descending triangle. Unfortunately, in theory this is a bearish cartridge.
In addition, it can be seen that in the graph below death cross originated. This occurs when the bottom moving average, in this case the 50 days (purple line), intersects with the long moving average, in this case the 200 days (green line). After this, we often see a significant decline. This one also came right after the intersection.
On the RSI, we see that the peak set in March is higher than the peak made on February 16. This while the first price spike is higher than the second spike. So this could potentially point to a bearish divergence. Therefore, the theory prescribes that the price can possibly fall further.
Is now the time to buy DOT?
The cryptocurrency market is volatile and constantly changing, for these reasons it is important that you are aware of the latest developments before making the decision to enter DOT. To help you with this, we would like to invite you to take a look at our premium channels For Members Here, experienced analysts share daily updates and new technical analysis, so we can determine together when it’s time to buy or sell DOT.